Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0331%/8h= +36.2% APRpaid last 24h +0.008%

Price spread now: Deribit against SunX+0.091%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1531.526% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.091%, 7d avg +0.027%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.064% dearer against SunX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.027%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.026% in total (about -1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ONDO-USDT	0.4403	0.0100	pay 0.0050% / 4h	1h 07m	—	$1.4M	20x
Short	Deribit ONDO_USDC-PERPETUAL	0.4407	0.0431	get 0.0054% / 1h	7m 39s	$23K	$349K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee DeribitbpOrdersPrice spread, now +0.091%Rate

Funding earned: $69.51
Price spread: +0.091% → +0.027%: $6.37
Slippage, 4 orders: −$137.61
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$76.73
Costs to cover: 1.526%
Break-even: 14.7 days

Slippage from SunX: live order book, 7 min ago; Deribit: live order book, 56 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 7 min ago	46.36 bp	65.6 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 56 min ago	6.80 bp	10.3 bp −$10	doesn't fit	doesn't fit	doesn't fit

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ONDO-USD	+0.0001%	1h	0.4396	−0.155%	$249K	$129K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4405	+0.057%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.747%	$888	$216K	5.5x	as long as short
Kraken Futures PF_ONDOUSD	+0.0061%	1h	0.4401	−0.050%	$2.6M	$8.2M	50x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4405	+0.045%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4403	−0.006%	$372K	$837K	10x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4397	−0.143%	$63.9M	$225.9M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4395	−0.182%	$69.7M	$122.9M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4395	−0.182%	$17.1M	$71.5M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4401	−0.055%	$73K	$85K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4394	−0.212%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4397	−0.136%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4395	−0.182%	$47.6M	$41.8M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4397	−0.136%	$13.0M	$10.7M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4395	−0.182%	$25.1M	$39.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4395	−0.182%	—	$21.7M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4410	+0.151%	$714K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4414	+0.250%	$5K	$316K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4418	+0.344%	$408K	$1.0M	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4417	+0.318%	$136K	$354K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4406	+0.073%	$64K	$1.4M	10x	as long as short
SunX ONDO-USDTlong	+0.0100%	4h	0.4403	long leg	—	$1.4M	20x
SoDEX ONDO-USD	+0.0100%	1h	0.4406	+0.068%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4408	+0.114%	$129K	$474K	50x	as long as short
Phemex ONDOUSDT	+0.0100%	4h	0.4401	−0.045%	$4.2M	$7.7M	50x	as long as short
Paradex ONDO-USD-PERP	+0.0104%	8h	0.4397	−0.147%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4398	−0.123%	$398K	$793K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4408	+0.114%	$38K	$13K	3x	as long as short
Hyperliquid ONDO	+0.0136%	1h	0.4400	−0.066%	$38.1M	$24.2M	10x	as long as short
Backpack ONDO_USDC_PERP	+0.0181%	1h	0.4402	−0.030%	$191K	$979K	15x	as long as short
Aster ONDOUSDT	+0.0188%	4h	0.4401	−0.045%	$735K	$2.3M	20x	as long as short
Phoenix ONDO	+0.0272%	1h	0.4427	+0.536%	$35K	$225K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4399	−0.091%	$3.1M	$3.0M	75x	as long as short
01 Exchange ONDOUSD	+0.0360%	1h	0.4406	+0.077%	$363	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0360%	1h	0.4422	+0.432%	$281K	$719K	50x	as long as short
Deribit ONDO_USDC-PERPETUALshort	+0.0431%	1h	0.4407	+0.091%	$23K	$349K	25x
GMX ONDO/USD [ETH-USDC]	L +0.0551% / S −0.0190%	1h	0.4405	+0.035%	$486K	—	100x	as long as short
Lighter ONDO	+0.0864%	1h	0.4405	+0.034%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1150%	1h	0.4407	+0.089%	$2K	—	20x	as long as short